She graduated cum laude from New York University and received an M.B.A. in May from Indiana University. Solomon has long touted the consumer division as playing a key part in Goldmans future. Nearly two years after its last loan, the Paycheck Protection Program is still making headlines for all the wrong reasons, unfortunately. Cohen is a member of Goldman Sachs' Global Inclusion and Diversity Committee, serving as global executive of the Women's Network. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. Two others who take a similar approach are John Collison at Stripe and Daniel Ek at Spotify, he said, adding that both "do an unbelievable beginner's mind immersion and emerge two months later knowing more about it than anybody else because they're willing to take a backseat." . Marcus is Goldman's digital-first consumer bank, offers customers saving accounts, personal loans and investment advisory services. Why is one of us going to quit?, In her own case, she says, I decided to be at Goldman Sachs many, many, many times.. "I learned a lot about the power of perseverance from figure skating," Cohen said in the Q&A. Men Who Get It: Phil Porado, Content Director, Advisor and Financial Services Why How We Do Things Around Here Or Company Culture Will Make Or Break Reshma Saujani: Founder and CEO of Moms First, Different Methods of Personal Development in the Workplace, Kelley Conway: Head of Corporate & Digital Strategy, Northern Trust, Op-Ed: Breaking the Mold How to Become Your Own Boss, Genevive Pich: Head of Sustainable Finance and Advisory, Corporate & Investment Banking, Wells Fargo. (A back-of-the-envelope calculation would require each partner to bring in $100 million or more in annual revenue, for example.) She is the daughter of Helayne and Jerry Cohen of Manhasset, N.Y. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else.. I've worked my whole career in an industry dominated by men. Its hard to be great at things that you dont enjoy., That is why she argues that people should regularly ask themselves whether they like the job, or are learning something new: If you decide to be here, and decide to do what youre doing, you own it., Which one of us is going to quit?. Cohen, 41, joined Goldman Sachs in. As The Post reported at the time, the first 11 speakers that day were men, making it more than five hours until a woman took the stage. As Cohen's career led her to work with private-equity clients, it also placed her in the orbit of Alison Mass, a Goldman partner who has long led Goldman's financial sponsors practice. Assisted by David Haber, a member of her team and a former startup founder with deep relationships in the technology industry, she embarked on a "listening tour," meeting more than 50 of venture capitalists and entrepreneurs in conversations she began by asking questions and soliciting advice about what Goldman could do better. In 2008, she managed Conflicts and Business Selection for IBD in the Americas. Powered and implemented by Interactive Data Managed Solutions. She found they were split 50/50. Providing a refined and sumptuous experience for any wedding day, this. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. It is an unlikely situation for the Chicago native. Instead, she settled in Goldman's mergers department, where she gained an expertise in working with clients in industrials. Diversity in the ranks at Goldman and at the companies it invests in is a priority for Cohen. The goal is to create relationships between those who are involved in the broad M&A infrastructure. Were hopeful that well create this self-enforcing ecosystem where people will say if they want to work in financial services and do cool things in fintech, this is one of the great places to go to do that, Cohen said. Oops! Citigroups Jane Fraser just became the first CEO of a major US bank, and women look poised to take the reins at Bank of America and JPMorgan. analyse how our Sites are used. Reservations cannot be made online. And she does not have the most exciting social life, prioritising athletic weekends with her kids over evenings at fancy restaurants. She is a key architect of the bank's ambitious consumer. The sector is a favorite of the private-equity firms that throw lots of business to Wall Street banks like Goldman, and Cohen began to work with them more. Switches from M&A to conflicts and business selection, Returns to M&A as a newly minted managing director, Appointed global head of general industries and global co-head of industrials M&A, Becomes head of global financial sponsor M&A, appointed to build a new business, Appointed to chief strategy officer, at a critical time for the investment bank. Natalie is an award-winning reporter who covers banks, crypto, fraud, deals and other money topics for The Dallas Morning News. She grew up in Augusta, Ga., and holds an MA in Investigative Journalism from The Cronkite School. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. Senior Editor, Women's Programs, American Banker. Women might get less feedback because they dont ask for it, but it took me a while to fully appreciate that men tend to get more direct feedback on areas of improvement which allows them to know what to work on., Cohen believes that women should support other women. For example, when I am 60 and look back, what might I need the most? By putting Cohen in this new role, he also is boosting her profile in Goldmans line of succession. . A Goldman Sachs lifer who rose through the ranks of mergers and acquisitions after starting as an analyst fresh out of college, Stephanie Cohen, 42, became chief strategy officer in January 2018. Stephanie Cohen has been at Goldman Sachs for more than 23 years. That meant Cohen had to work closely with the then-CEO of the Fiat-Chrysler group, Sergio Marchionne, sometimes camping out for talks in Detroit or paying visits to the U.S. Treasury Department. If you cant read, you cant succeed. . Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. She began to think of making partner at Goldman as the career equivalent of her one-time dream of skating at the Olympics. Click the AdBlock Plus button on your browser and select Enabled on this site. If her tenure there is successful, it could pave the way for Cohen to make history at the firm. In January Cohen became the sole woman leading a major revenue division of the storied Wall Street bank, coleading Goldman's growing consumer and wealth management business. All rights reserved. In mid-July, the company announced it will promote David Solomon to succeed Lloyd Blankfein as chief executive officer. After getting an offer to work at Goldman Sachs in investment banking out of school, she thought she would work there for two years and then attend law school. Meanwhile, Wall Street banks are increasingly looking for female CEOs. Goldman chief executive David Solomon announced Tuesday that he has shuffled the executive ranks once again, this time making Stephanie Cohen co-head of the $2 trillion megabanks consumer banking and wealth management group. She is absolutely cool, fact-based, thoughtful at every word, and I think it creates a sense of firmness that looks like it's kind of an unbreakable resolve.". Then, in 2017, happily running that business, she changed course again when she was asked to become chief strategy officer. Cohen began to pepper Martin with questions. Located only 30 miles from Washington, DC on 500 acres of Virginia's stunning wine country, this resort combines vineyard charm with country-club luxury. When she and her husband planned to have children, he asked: Which one of us is going to quit? Cohens answer was: Why is one of us going to quit?. And how much will banks have to pay? But there's still some wrinkles that need to be ironed out so it can work with its cousin from The Clearing House. "'OK, Roger. And furthermore, trying to figure out exactly what got someone to a particular seat isnt extremely helpful either, since that exact seat likely wont exist in its current form by the time you get there.. It doesnt have to be one thing or the other; its about making spending decisions consciously rather than scrolling on your phone and thinking about what youshould spend on., What Ive noticed at Goldman Sachs isthat men tend to talk about investment opportunities amongst each other. Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. Cohen, a 43-year-old insider who has been Goldmans chief strategy officer since 2017, is the first woman to lead her own group under Solomon, who dramatically reorganized the banks operations in January. Goldman will soon add checking and wealth-management accounts to Marcus' savings and lending products. Well send you a myFT Daily Digest email rounding up the latest Women in business news every morning. Terms & Conditions. Stay up to date with what you want to know. Cindy Ord/Getty Images for Girlboss Rally NYC 2018. Before that, she was Global Head of Financial Sponsor M&A in the Investment Banking Division (IBD). First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. . Cohen is joined by the chief information officer, Marco Argenti, a former Amazon exec, and Hari Moorthy, formerly of JPMorgan, who heads a new transaction-banking effort. She often organized get-togethers for her partner class and, and as a member of the partnership committee, reported on the class' efforts to promote more cross-divisional collaboration, the person said. From a deal perspective, Cohen is proud of her work on the team that helped Chrysler negotiate with the United States government in paying off its debt in May 2011. This account of Cohen's past and near future is based on interviews with more than a dozen colleagues, former colleagues, clients, and friends. Download the Mint app and read premium stories. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. And yet Cohen is no slouch when it comes to navigating the firm, people said. The delicate transaction was a milestone in the carmakers comeback after the financial crisis. Global Cohead of Consumer and Wealth Management, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. The regions tech workforce is projected to expand 17% over the next decade. "But without her it fails and falls apart.". We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. Insiders told us what's at stake for her growing group, and what it could mean for Cohen's future. Cohen joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. Net revenues for the consumer business in the second quarter were $608 million, 67% higher than the second quarter of 2021, primarily reflecting significantly higher balances on both credit card balances and higher deposit balances. . That advice has been crucial to Cohens success throughout her career. Changing those opinions will be a huge mark of success for Cohen, who fancies herself something of a change agent, and York, a 35-year Goldman lifer less inclined to rock the boat. Stephanie Cohens first 15 years at Goldman Sachs, her career ladder didnt look much different than that of a typical investment banker. (One former CFO kept a toaster in his office to warn against retail-banking gimmicks.). But advertising revenue helps support our journalism. Our people find Dallas a really, really great place to live and raise a family.. Cohen says she is proud that her teams success in driving financial sponsor M&A for the Industrials Group was recognized such that she was given the opportunity to build this broader business across the company. SEG is the ideal venue for meetings, sales events, bachelor parties, fundraisers, cocktail mixers, birthday parties and more. But she really got it. If youre not getting negative feedback, its not because youre perfect. Stephanie Cohen is global co-head of Consumer and Wealth Management at Goldman Sachs, a member of the firm's Management Committee, and global executive sponsor of the Women's Network. In the latest in a rapid . Cohen also heads. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. She was named managing director in 2008 and partner in 2014. Just this spring Cohen was tapped for an exciting new assignment creating and heading a new group, Global Financial Sponsor M&A. cookies She is also a Global Executive sponsor of the Women's Network. (Insiders said that Cohen's cohead, the 35-year Goldman veteran York, will be more focused on the wealth-management side of the business. Stephen deFalco ran Crane & Co., the US paper-production company, when Cohen brokered its sale. Prior to that, Ms. Cohen was a Vice President in the Industrials and Merger Leadership Groups in San Francisco. Leading the strategy is a triumvirate of Goldman executives, insiders said. You know, the egos can run very hot and whatnot, and she doesn't. Cohen is a Goldman Sachs lifer who started at the bank as an analyst back in 1999, spending time in New York and San Francisco. Detractors question the depth of her record to date, and acknowledge that this will be her biggest test yet. Goldman now finds itself carving a path with a direct-to-consumer digital bank and a broad effort to give retailers, automakers, and other nonbanks the tools to offer their own banking products. Ashburn, VA. Capacity: 200. Thinking that a single mentor will help you to achieve success in all aspects of your career is not practical, she says. Stephanie Cohen, EVP Wealth at Goldman Sachs,. She persuaded her husband that they could both keep their careers. Cohen was a competitive figure skater who dreamed of making it to the Olympics. The group, typically considered the killjoys within investment banking, have to tell senior bankers about the deals they cant pursue a tricky task in the best of times. Banks react to Fed report. . The consumer and wealth management team in Dallas is close to 1,200 now, which is about how many are on the same team in New York, said Cohen, who also noted that employees are back in the office in the U.S. Cohens division, consumer and wealth management, includes the consumer banking platform Marcus, which launched in 2016 followed by an app in January 2020 that allows consumers to do everyday banking. Cohen and Mass talk several times daily, one person who knows them both said. Ms. Cohen also led Launch With GS, Goldman Sachs $1 billion commitment to invest in companies and investment managers with diverse leadership, as well as GS Accelerate, the firms in-house innovation engine. The same question was asked of Dina Powell, another senior woman at Goldman, who returned for a second stint after serving in the Trump administration. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. Ms. Cohen serves on the National Board of Directors of CollegeSpring and as a member of the Board of Quill.org. Cohen, who oversees 11,000 employees in her division, said that the business is divided along three lines: ultra-high- wealth households; companies and their employees; and consumers. In November 2017, then-CEO Lloyd Blankfein tapped Cohen to replace Stephen Scherr as chief strategy officer, elevating her into a role with an office on the 41st floor, where Goldman's executive office is located. ), Read more: Goldman Sachs has named 6 people to lead product development in its consumer and wealth management group a sign of big innovations to come from the growing division. Others say he should have named names. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years. She is also a Global Executive sponsor of the Women's Network. If you were doing a good job, you were memorable, she says. Arlington taco shops mural of infamous Texas Rangers fight can stay, for now, Hostile takeover: West Dallas homeowners battle new developments, rising taxes, Man who lost his wife, son in Cleveland, Texas mass shooting tells story, How a man is working to preserve the West Dallas neighborhood named after his grandparents, Cowboys 2023 undrafted free agent tracker: See which players Dallas added after NFL draft, Stanley Cup playoff central: Stars-Kraken schedule, stories Dallas fans need to know, How Dallas video game icon Randy Pitchford became the new owner of Hollywoods Magic Castle, 2023 NFL draft grades: See what national experts thought of Cowboys selections. As a lifer at Goldman Sachs, Cohen is quick to point out that even though the firm has been her only full-time employer, she hadnt necessarily intended to stay this long when she joined. he has worked onhistoric large corporate deals, including Chryslers repayment of a U.S. government loan, which marked the automakers comeback after the 2008 Financial Crisis, Last weekend, Cohen joined a panel at this years. https://theglasshammer.com/wp-content/uploads/2015/07/Stephanie-Cohen.png, https://theglasshammer.com/wp-content/uploads/2020/04/logo-the-glass-hammer-white-640@2x-300x138.png, Voice of Experience: Stephanie Cohen, Managing Director, Goldman Sachs. When Barron's profiled Stephanie Cohen in 2022, she was co-head of consumer wealth and management at Goldman Sachs . Silver Eagle Group. "We always talked about who the 'Q1s' were, as we'd call the high-trajectory women. She believes that it doesnt have to overwhelm your personal life, but it makes the networking easier and more fun when you can build and create personal connections at the same time. Stephanie Cohen, then a chief strategy officer at Goldman Sachs, impressed Friedman with her penchant for bringing multiple perspectives to bear on a conversation. "But she is savvy enough not to let it be something that holds her career back.". Rabbi Jodie L. Siff officiated at Studio Square, an events space. 2 job for more than a decade before he left to join the Trump White House in January 2017 after it became clear he wouldnt succeed former CEO Lloyd Blankfein. In 2019, Goldman launched an Apple credit card, and last January it rolled out a GM credit card. It could be meal delivery services, paying for working out, or makeup and clothes. Her husbands question was one many people ask when it comes to families and work, she says. And then. But it also presents new risks to manage. Dec. 2, 2012 Anita Gutwein and Stephanie Meredith Cohen were married Saturday in Long Island City, Queens. Bank groups say the focus on capital rules in Federal Reserve Vice Chair for Supervision Michael Barr's report on Silicon Valley Bank are misguided. More on Stephanie. NOW WATCH: Here's why this Goldman Sachs investment chief isn't worried about two of the market's biggest fears, Visit Business Insider's homepage for more stories, Goldman Sachs has named 6 people to lead product development in its consumer and wealth management group a sign of big innovations to come from the growing division, A new Goldman Sachs tech exec hired from Amazon is taking a page from the Jeff Bezos playbook by urging engineers to ditch PowerPoint and write memos. She did a stint in the San Francisco office as a vice president, where she worked in M&A with a broader array of clients, until she was asked to return to New York to oversee Conflicts and Business Selection in the Americas during the financial crisis. FORTUNE may receive compensation for some links to products and services on this website. Dallas led all metropolitan areas in 2021 in net tech job growth, adding 5,321 positions, according to a new report by CompTIA, the nonprofit association for the information technology industry. I didnt say yes all the time, she says, reflecting on her career decisions. San Francisco-based First Republic was undone by low-rate mortgages it made to its wealthy customers as well as by the fallout from last month's banking crisis. New. Since the start of this year, Cohen has also transitioned from investment banking to serve as the bankschief strategy officer,leading a team that decides where the bank should pursue new lines of business. Roger Martin, the former dean of the Rotman School of Business at the University of Toronto, met her in 2018 after the two had been connected by Adam Grant, an eminent Wharton professor. She graduated magna cum laude from the State University of New York at Binghamton, and received an M.B.A. from Northwestern. She is one of seven women named on the committee and is 10 years younger than the average man on the team. Last weekend, Cohen joined a panel at this years Girlboss Rally in New York, a two-day event to foster networking and learning among women entrepreneurs,to talk about career, money and life. An organic farm to table wedding at Clyde's Willow Creek Farm in Ashburn, VA was captured by Kelly Ewell Photography for Laura and Chris. "She's witty and funny. The best way to do this is to have a long-term view. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee.
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